美元债双周报（26 年第2 周）：美国经济数据分化加剧，财政主导风险升温-20260112

Report Industry Investment Rating - The report gives an investment rating of "Underperform" for the US stock market and the US dollar bond market [1][4] Core Viewpoints of the Report - US economic data shows increasing divergence, with employment data dragging down interest rate cut expectations, and the risk of fiscal dominance is rising. The Trump administration's MBS purchase plan by Fannie Mae and Freddie Mac will intensify the risk of fiscal dominance and the re - evaluation pressure of term premium, and may promote the steepening of the yield curve [1][2][3] Summary of Each Section US Macroeconomic and Liquidity - The US December non - farm payrolls increased by 50,000, falling short of expectations, with the annual increase being the weakest since the pandemic. The unemployment rate dropped from 4.5% to 4.4%, and wage growth was 3.8% year - on - year, but the labor force participation rate declined. After the release of the employment report, the expectation of a Fed rate cut in January almost disappeared, and the first rate cut is expected to be postponed to June, with an annual rate cut of about 50 basis points [1] - The US December manufacturing PMI continued to contract, dropping to 47.9, while the service industry recovered, with the ISM services PMI rising to 54.4, the highest in nearly a year [2] Exchange Rate - There is no specific text - based summary information provided, but there are figures showing the trends of non - US currencies in the past year, recent changes in non - US currencies, Sino - US sovereign bond spreads, etc. [53][59][61] Chinese - funded US Dollar Bonds - There is no specific text - based summary information provided, but there are figures showing the returns of Chinese - funded US dollar bonds since 2023 (by level and industry), the yields and spreads of investment - grade and high - yield Chinese - funded US dollar bonds, and returns in the past two weeks (by level and industry) [67][69][71] Rating Actions - In the past two weeks, the three major international rating agencies took one downgrading action on the issuer of Chinese - funded US dollar bonds. On December 30, 2025, Moody's downgraded the rating of China Vanke Co., Ltd. from Caa2 to Ca [75][76] Investment Recommendations - Adopt a "short - duration core + steepening satellite" configuration. The core position focuses on 3 - 5 - year investment - grade bonds to obtain relatively stable coupon income; the satellite strategy is to go long on the 2s10s spread to capture the opportunity of curve steepening; increase the allocation ratio of TIPS to hedge the inflation stickiness of the service industry, and strictly control the exposure to US bonds over 10 years to avoid the risk of rising long - term interest rates caused by fiscal expansion [3] - In the next two weeks, focus on the December CPI data and public speeches of Fed officials [3]